The government aims to collect P2.194 trillion in tax revenues next year to help finance the P2.606-trillion national budget it proposed for 2015, with the Bureau of Internal Revenue (BIR) taking on more than three-fourths of that target.
The tax revenue goal for next year is 16.73% more than the 1.88 trillion targeted for 2014, while the national budget proposed for 2015 is 15% more than 2014’s P2.264-trillion expenditure plan.
Tax revenue targets have been set at P2.612 trillion in 2016 and P2.956 trillion in 2017.
BIR will have a P1.721-trillion collection target for next year that is 18.16% more than its P1.456-trillion program in 2014.
The bureau collected P763.148 billion as of July, up 9.99% from the same seven months last year but still short of the P831.063-billion goal for the period.
Bulk of BIR’s target for next year consists of:
• P1.032-trillion taxes on net income and profits (individual and corporate income taxes, capital gains tax, as well as taxes on Treasury Bills, commercial papers and bank deposits);
• P684.708-billion taxes on domestic goods and services;
• P151.266-billion excise tax on alcohol and tobacco products, fuel and oils, and mining;
• P78.433-billion taxes on services; and
• P75.657-billion documentary stamp tax.
The Bureau of Customs (BoC) -- whose collection surged 19.5% annually to P173.401 billion last semester but still missed a P198.949-billion goal for that period -- will be entrusted with a fifth of next year’s tax revenue goal at P456.468 billion, with value added tax on imports accounting for bulk of the bureau’s target at P347.360 billion. BoC’s 2015 target is 11.84% than its P408.096-billion goal this year.
Another major contributor to tax revenues next year is the Department of Transportation and Communications, which will collect P13.690 billion in Motor Vehicle Tax, up 12.57% from P12.161 billion this year.
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